Create Value by Being Disruptive
Change is a constant — in life and in business . When that change completely uproots processes and alters behaviors , it ’ s referred to as disruption . In the world of digital technology , such disruption has become commonplace . As many business leaders use existing technology to re-envision services and products , they ’ re revolutionizing their industries . Just look at Uber and the taxi industry .
While such results can be enticing to businesses searching for an advantage , it ’ s important — when deliberating whether to implement change through digital technology — to first understand the level of disruption you ’ re comfortable with , and what value you ’ re hoping to create .
Questions to Ask Are you an innovative company , driven to rollout your latest digital tool — and fast ? Or , are you an incumbent , trying to remain competitive alongside aggressive newcomers ? How you answer will help determine your strategy — whether that ’ s finding a quick , easy , and effective way to get something implemented or taking the time to invest in a heartier , more thought-out solution that creates long-term value .
Starting Within Making internal changes can be the quickest route to discovering fresh solutions to problems or innovative ways to update processes . Explore digital tools or cloud-based systems for organizing and streamlining workflows . Invest in software that enables greater customer personalization . By disrupting existing digital practices , you can better meet customers ’ evolving wants and needs — priming your company for new growth .
Measure and Manage Demand in Real-Time
Knowing product demand at any given time is vital to business success — yet it ’ s not always a clear picture . With custom-made orders to assemble and next-day fulfillments to satisfy , meeting modern business demand requires more than making sure you have a warehouse of finished goods . By gathering data on inventory levels and buyer behavior , businesses can stay above the fold — minimizing waste from over-production when demand is low and maximizing sales when demand is high . Yet , while information such as point of sale ( POS ) data received direct from retailers can provide insight into product movement , it ’ s not always timely . That ’ s where new technology advances come in . Radio Frequency Identification ( RFID ) chips can give you the real-time data you need , showing what customers are actually buying and when . Using the same wireless technology found in car keys , highway toll tags , and security access cards , these state-of-the-art chips can be placed on every product as it leaves your facility . By tracking a product ’ s every move — through shipping , stocking , and purchase — these innovative devices can significantly improve your understanding of consumer demand for your product . Not only can this information help you to assess your ability to meet the needs of existing production and shipment schedules , but it also can enable you to quickly and accurately adjust and optimize your supply plans .
CONNECT TECHNOLOGY FALL 2016 // SNB . COM | 21